In today’s briefing:
- Quiddity STAR 50/100 Mar25 Results: US$1.4bn Total One-Way Flows; Mostly in Line with Expectations
- LGND: First Steps into Cell & Gene Therapy
- IHH Healthcare (IHH MK): Consistent 2024 Result; Stable Occupancy Amid Capacity Expansion
- Medtronic Plc.: Hugo Robotic Surgical Platform Rollout to Support A Trajectory Of Sustainable Growth!
- AZTR: Netherton Topline By Year-End
- PegBio 派格生物 IPO: PHIP Updates Don’t Look Good
- Penumbra Inc.: Will Its Market Penetration & Access Initiatives Help Capture The Thrombectomy Market?
- SBC: Recent Steps Implemented to Support Growth
- Medical Data Vision Co., Ltd (3902 JP): Research Update
- EDSA: Raises 15 Million to Advance EB06
Quiddity STAR 50/100 Mar25 Results: US$1.4bn Total One-Way Flows; Mostly in Line with Expectations
- The March 2025 index review results for the STAR 50 and STAR 100 indices were announced after market close on Friday 28th February 2025.
- There will be 3 changes for the STAR 50 index and 6 changes for the STAR 100 index.
- We expect one-way flows of approximately US$1bn and US$356mn for the STAR 50 and STAR 100 index rebal events respectively.
LGND: First Steps into Cell & Gene Therapy
- Ligand Pharmaceuticals holds a portfolio of revenue, royalty & milestone generating assets that have been vetted by its internal investment team.
- Ligand considers individual biopharmaceutical products, platforms, companies & income streams in its opportunity set.
- It targets late-stage and commercial income-producing assets when making investments.
IHH Healthcare (IHH MK): Consistent 2024 Result; Stable Occupancy Amid Capacity Expansion
- IHH Healthcare (IHH MK) delivered consistent performance with 2024 revenue rising 16% YoY, while EBITDA growing at a faster pace of 17% YoY.
- Singapore, Turkiye & Europe, India, Malaysia show strength with favorable patient mix, higher occupancy, and higher revenue per in-patient.
- IHH added 1004 beds in 2024 and is well on track to add ~4,000 beds (+33% capacity) by 2028 through both organic and inorganic expansions.
Medtronic Plc.: Hugo Robotic Surgical Platform Rollout to Support A Trajectory Of Sustainable Growth!
- Medtronic’s third-quarter results of fiscal year 2025 present a mixed yet promising picture of the company’s performance and strategic initiatives.
- The company has reported mid-single-digit organic revenue growth for the ninth consecutive quarter, highlighting consistent market performance.
- Significant areas of growth include the Cardiac Ablation Solutions, which reported a 22% increase, as well as strong double-digit growth in leadless pacing, Neuromodulation, and Diabetes segments.
AZTR: Netherton Topline By Year-End
- Azitra is developing genetically engineered bacteria for therapeutic use in dermatology.
- The company possesses a microbial library of 1,500 unique bacterial strains that are candidates for a variety of indications.
- Azitra’s lead candidate is ATR-12 for the rare disease Netherton Syndrome (NS).
PegBio 派格生物 IPO: PHIP Updates Don’t Look Good
- PegBio is looking at raising up to USD 100m to list in Hong Kong.
- We have previously covered the company’s fundamentals and a brief valuation.
- We look at the difference between previous filing and current PHIP filing. We see massive delays which don’t position the company well for the listing.
Penumbra Inc.: Will Its Market Penetration & Access Initiatives Help Capture The Thrombectomy Market?
- Penumbra’s fourth-quarter and full-year 2024 earnings reveal a company that continues to prioritize its thrombectomy business, showcasing impressive growth figures in the U.S. market while dealing with challenges in international operations.
- The company’s non-GAAP revenue for Q4 2024 was $321.3 million, reflecting a 12.9% year-over-year increase on an adjusted basis, excluding the Italian payback adjustment.
- When looking at the full year, Penumbra’s revenue reached over $1.2 billion, signifying a 13.4% increase compared to 2023.
SBC: Recent Steps Implemented to Support Growth
- In SBC’s home market, Japan, demand for aesthetic medical treatments has grown in recent years, partially reflecting the impact of social media.
- The rising acceptance of and popularity of aesthetic medicine is partially attributable to growing demand for dermatological treatments.
- Younger and middle age people appear to be more interested in elective cosmetic procedures and SBC revenue growth is highly correlated to franchisee expansion and as the company broadens its service offerings.
Medical Data Vision Co., Ltd (3902 JP): Research Update
- Medical Data Vision [MDV] reported FY24 (Dec year-end) earnings results with full-year gross profit [GP] of ¥4,331mil (-13.9% YoY), an operating profit [OP] of ¥3mil (-99.8% YoY) on sales of ¥5,906mil (-8.0% YoY).
- Given the Q3 performance, the firm revised down its full-year forecasts on 11 November, however, the full-year results fell short of the revised guidance of OP of ¥510mil on sales of ¥6,600mil.
- MTP’s profit targets remain unchanged, guiding for FY25 OP of ¥2,600mil and RP of ¥2,500mil.
EDSA: Raises 15 Million to Advance EB06
- On February 14, 2024, Edesa Biotech, Inc. (EDSA) announced financial results for the first quarter of fiscal year 2025 that ended December 31, 2024 and provided a business update.
- The company recently announced it raised $15 million in a private placement with healthcare-focused institutional investors.
- The funds will be utilized to advance its anti-CXCL10 monoclonal antibody, EB06, for the treatment of vitiligo.
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